The recently unveiled "15th Five-Year Plan for Building a Strong Financial Nation" sets the goal of establishing the overall framework of a modern financial system with Chinese characteristics by 2030, with all key tasks now clearly defined.

At a State Council Information Office press conference on September 10th, Li Chao, Deputy Chairman of the China Securities Regulatory Commission (CSRC), stated that since the beginning of this year, the average review cycle for IPO applications on the Shanghai and Shenzhen exchanges has been shortened to just over six months, with refinancing reviews for some quality firms taking less than one month. Moving forward, the CSRC will implement more inclusive systems for listing, issuance, and mergers and acquisitions, striving to position the A-share market as the primary destination for domestic quality enterprises going public.

This year, long-term funds including social security funds, pension funds, and insurance capital have collectively net-purchased over 600 billion yuan in A-shares, with their holdings of A-share circulating market value growing by 12.5% compared to the end of 2025. Li Chao added that the CSRC will continue to refine the market mechanisms and ecosystem that support long-term capital, steadily increasing the scale and proportion of long-term funds entering the market, actively expanding equity-oriented public funds, and strengthening the stabilizing role of various long-term funds.

Li underscored that the CSRC maintains strict, law-based oversight and will resolutely crack down on all forms of illegal and non-compliant activities. Next, the commission will focus on elevating the standards of capital market regulation and governance. The revised regulations for securities companies are expected to be released soon, and the CSRC will also expedite the formulation and amendment of key laws and regulations, including the Securities Investment Fund Law and the regulations governing listed companies.